[miningmx.com] — PLATMIN, which delisted at the end of last year, has finalised the consolidation of its Pilanesberg mine with two neighbouring properties.
The property on which the Pilanesberg mine is situated now becomes amalgamated with the Bakgatla tribe’s Sedibelo platinum project and with Itereleng Bakgatla Resources, which borders on Sedibelo.
The amalgamation of these properties creates a large, shallow source of platinum group metals for which Brian Gilbertson, who negotiated the deal and who also formed BHP Billiton, has been working the past year.
The Sedibelo West region is now incorporated into the Pilanesberg mine. However, Platmin must now apply for a mining licence to mine Sedibelo West.
According to Platmin, the Pilanesberg mine, which has experienced serious operational problems since it started working two years ago, produced 22,458 ozs of platinum group metals in the quarter to the end of March.
That’s a long way short of the mine’s design capacity of 250,000 ozs per year.
Pallinghurst Resources, the mining investment group chaired by Gilbertson, will have a 42% interest in the new company now being formed.
The Bakgatla community has 27%.
The Industrial Development Corporation bought a 16.2% interest in the project for $420m (about R3,24bn) at the end of March.
At the time of the delisting at the end of last year, Pallinghurst undertook to list the new company again before the end of this year.
